The lending system has always had a shortcoming because of financial accountability, which is why creditors faced high transaction costs that were spent on maintaining the system.
With the introduction of the blockchain system, which introduced even more transparency due to decentralization and increased protection against malicious software, it has also been used in the credit sector.
According to Kieran Murthy, technical director of Aurablocks, the Oracle Blockchain Cloud Service was created on the basis of The REST API and Hyperledger Fabric 1.0, which provides ease of integration. Previously, processing of all the data took about two weeks, now it takes only a couple of hours.
Oracle Blockchain Cloud Service on the way to creating an ideal operating scheme that will protect creditors from fraud. This solution will attract more deals and improve the quality of consolidation accounts.
According to calculations by Venkatesh Bala, the main specialist in Biz2Credit issues, AuraBlocks technology will be able to cut costs for data processing by 25%, which is $ 1 billion.
Testing the idea from Aurablocks demonstrated how blockchain technology can contribute to business optimization. Thus, lower operating costs will result in low rates offered to lenders.